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Best of the Web: Avoiding Financial Mistakes

With all the information out there on personal finance, it can be overwhelming to figure out which sources to listen to. So, here’s a look at several reliable articles that hit the web this week on how to avoid making mistakes with your money.

Sometimes it seems like you don’t have a ton of control over how much money you have, but this WiseBread article points out that there are some choices you make that can definitely impact your finances. Think before you cosign a loan, overspend with credit cards, or delay 401(k) contributions - all of these things can result in messing up your finances!

Although this DailyWorth piece is divided up by age, these money mistakes can occur at any stage of your life. It’s never a good idea to neglect saving up for retirement, spending more than you earn, or not signing up for insurance. If you follow these tips, you’ll be better off financially (no matter what age you are!).

It’s absolutely crucial that you understand your credit score (including what factors it’s based on and where you can find yours). Business Insider breaks down the 6 things you should know about credit scores in order to be totally financially responsible.

Even if you’re a long way off from retirement age, it’s still a super important element of your finances that you should be paying attention to. CNNMoney wrote a piece noting that many people are using target-date funds as part of their 401(k) plans, which may be a bad idea, since they often end up being either too risky or not risky enough for that person’s age. Check out this post for valuable tips on what things you should know if you have this type of investment.

It doesn’t matter if you’re a millennial or not, these words of advice from Gen Y Planning are helpful for all ages. You can avoid major financial mistakes by getting your finances organized, eliminating debt, and being proactive with your savings goals. The easiest way to prevent money mistakes is by focusing on creating a budget and sticking to it!